How small business owners can deduct their home office from their taxes

IRS TAX TIPS  January 2022 The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Here are some [...]

By |2022-02-13T13:10:27+00:00January 30th, 2022|Uncategorized|Comments Off on How small business owners can deduct their home office from their taxes

Some important things all taxpayers should do before the tax year ends

The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization [...]

By |2022-02-13T13:21:50+00:00November 30th, 2021|Uncategorized|Comments Off on Some important things all taxpayers should do before the tax year ends

Small business advertising and marketing costs may be tax deductible

The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising and marketing costs must be ordinary and [...]

By |2022-02-13T13:25:21+00:00October 30th, 2021|Uncategorized|Comments Off on Small business advertising and marketing costs may be tax deductible

Expanded tax benefits help individuals and businesses give to charity in 2021

Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here's an overview of these changes. Deduction for individuals who don't itemize Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits [...]

By |2022-02-13T13:27:45+00:00September 30th, 2021|Uncategorized|Comments Off on Expanded tax benefits help individuals and businesses give to charity in 2021

What is the Educator Expense Tax Deduction?

The Educator Expense Deduction allows eligible educators to deduct up to $250 worth of qualified expenses from their income. If you're an eligible educator, you can deduct up to $250 ($500 if married filing jointly and both spouses are eligible educators, but not more than $250 each) of unreimbursed trade or business expenses. Qualified expenses [...]

By |2021-08-16T15:29:37+00:00August 1st, 2021|Uncategorized|Comments Off on What is the Educator Expense Tax Deduction?

IRS extends additional tax deadlines for individuals to May 17

The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for [...]

By |2021-05-03T15:22:02+00:00March 29th, 2021|Uncategorized|Comments Off on IRS extends additional tax deadlines for individuals to May 17

Preparing for a Disaster (Taxpayers and Businesses)

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for individuals and businesses on preparing for a [...]

By |2020-11-20T14:46:43+00:00August 28th, 2020|Uncategorized|Comments Off on Preparing for a Disaster (Taxpayers and Businesses)

Earning side income: Is it a hobby or a business?

Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or [...]

By |2020-11-20T14:47:36+00:00August 26th, 2020|Uncategorized|Comments Off on Earning side income: Is it a hobby or a business?

IRS makes Form 1040-X amended tax returns available for e-filing

Marking a major milestone in tax administration, the Internal Revenue Service announced that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software. As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be [...]

By |2020-11-20T14:48:15+00:00August 22nd, 2020|Uncategorized|Comments Off on IRS makes Form 1040-X amended tax returns available for e-filing

What Taxpayers Need to Know About the Home Office Deduction

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to help taxpayers understand the home office deduction [...]

By |2020-11-20T14:54:25+00:00August 7th, 2020|Uncategorized|Comments Off on What Taxpayers Need to Know About the Home Office Deduction
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